Investment in Joint Ventures

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Ventures

Investment in Joint Ventures

    Effective February 2016, Ebix and Vayam Technologies Ltd ("Vayam") formed a joint venture named Ebix Vayam Limited JV. This joint venture was established to carry out IT projects in the government sector of the country of India, particularly in regards to the implementation of e-governance projects in the areas of education and healthcare. Ebix has a 51% equity interest in the joint venture, and Vayam has a 49% equity interest in the joint venture. Ebix is fully consolidating the operations of Ebix Vayam Limited JV into the Company's financial statements and separately reporting the Vayam minority, non-controlling interest in the joint venture's net income and equity. Vayam is also a customer of Ebix Vayam Limited JV, and, during the three months ended March 31, 2023, Ebix Vayam Limited JV recognized $101 thousand of revenue from Vayam. During the three months ended March 31, 2022, Ebix Vayam Limited JV recognized $276 thousand of revenue from Vayam. As of March 31, 2023, Ebix Vayam Limited JV had $11.7 million of accounts receivable with Vayam, net of the estimated allowance for doubtful accounts receivable in the amount of $5.7 million. As of December 31, 2022, Ebix Vayam Limited JV had $11.6 million of accounts receivable with Vayam, net of the estimated allowance for doubtful accounts receivable in the amount of $5.7 million.

    Effective September 2015, Ebix and Independence Holding Company ("IHC") formed the joint venture EbixHealth JV. This joint venture was primarily established to promote and market an administrative data exchange for health insurance lines of business in the U.S. Ebix has a 51% equity interest in the joint venture and IHC has a 49% equity interest the joint venture. Ebix is fully consolidating the operations of EbixHealth JV into the Company's financial statements and separately reporting EbixHealth JV non-controlling interest in the joint venture's net income and equity. IHC is also a customer of EbixHealth JV, and, during the three months ended March 31, 2023, EbixHealth JV recognized $253 thousand of revenue from IHC. During the three months ended March 31, 2022, EbixHealth JV recognized $314 thousand of revenue from IHC. As of March 31, 2023 and December 31, 2022, EbixHealth JV had $112 thousand and $74 thousand of accounts receivable from IHC, respectively. Furthermore, as a related party, IHC also has been and continues to be a customer of Ebix, and during the three months ended March 31, 2023 the Company recognized $14 thousand of revenue from IHC. During the three months ended March 31, 2022, the Company recognized $20 thousand of revenue from IHC. As of March 31, 2023 and December 31, 2022, Ebix had $44 thousand and $44 thousand of accounts receivable with IHC. EbixHealth JV has a $1.8 million note due to IHC.

The Company recorded $125 thousand in amortization expense related to the IHC customer relationship intangible during the three months ending March 31, 2023.